Drill Pipe Market

Growing demand of energy consumption and rising drilling project investment propelling the market growth in the forecast period.

According to TechSci Research report, “Global Drill Pipe Market – By Region, Competition Forecast & Opportunities, 2018-2028F,” the Global Drill Pipe Market is expected to register robust growth during the forecast period 2024-2028.The primary driver of market expansion is the steadily rising demand for oil and gas supplies from the industrial, transportation, and residential sectors. Because they can sustain great strain, heat, and load during drilling and completion fluid activities, drill pipes are crucial in oil and gas exploration. A conduit with a thick wall and a tube shape composed of alloy and other composite materials is known as a drill pipe. It comprises of tool joints, which have threaded ends. To drill holes, a drill pipe is usually used to connect the bottom hole assembly and surface equipment. Moreover, it can move fluid upward using an annulus or downward towards the drill site.

Drill pipes are classified as X-95, E grade, G-105, and S-135, based on their API grade. The lowest yield strength per unit area is found in Grade E drill pipe, also referred to as mild steel, with a total yield strength less than 80,000 psi. It may withstand more stretch or strain before breaking in comparison to drill pipe grades with higher strengths. It is also less prone to corrosion and cracking. Grade E is used in medium-depth wells between 10,000 and 15,000 feet. It is thought that the grades S-135, X-95, and G-105 have high strength. To serve deeper wells, they have larger yield strengths.

A significant market for drill pipes exists in North America as a result of recent shale gas drilling across the continent. The demand for drill pipe in the area is being further complemented by increased exploration in the Gulf of Mexico.  North America generated the second-highest proportion of the world’s oil, according to the Statistical Review of World Energy 2021 published by BP (British Petroleum). The area produced 23.52 million barrels per day in 2020.

The offshore rig count and offshore oil output in the United States increased dramatically because of increasing oil prices and falling drilling costs, indicating expanding offshore drilling, which is anticipated to be a key factor in the country’s drill pipe industry.

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The Global Drill Pipe Market is divided into Type, Grade, Application, and Region. Based on Type, the market is segmented into Standard drill pipe and Heavy weight drill pipe (HWDP). Based on Grade, the market is divided into API and Premium. Based on Application, the market is segmented into Offshore and Onshore. Based on Region, the market is segmented into North America, Asia-Pacific, Europe, South America, and Middle East.

Based on Grade, the drill pipe market is bifurcated into standard drill pipe and heavy weight drill pipe (HWDP). The heavy-weight drill pipe segment led the drill pipe market in 2021. A tube known as heavy weight drill pipe (HWDP) serves as a connecting element or weight for the drill string. In order to reduce fatigue failures, it acts as a connecting section of the drill pipe between the drill collar and the standard drill pipe. In other applications, the HWDP is used as an additional weight to slow the drill pipe.

Based on Grade, the drill pipe market is segmented into API and premium categories. Drill pipe with an API grade offers improved fatigue resistance, along with improved mechanical and hydraulic performance. The API grade drill pipe is an excellent option in many drilling applications because of its resistance to rough terrain and ability to function with minimal strain. The global increase in rig count is driving the significant expansion of the onshore drill pipe market. In terms of revenue, the premium segment significantly dominated the drill pipe market in 2021. Only the used, normal-weight drill pipe is eligible for the Premium Class certification. There must be at least 80% of the new nominal wall thickness in the tube’s residual wall thickness (WT). In the sector, these pipes are now considered standard. They are affordable and readily available since they are in use.

Based on Application, the drill pipe is divided into two categories: offshore and onshore. In terms of revenue, the onshore sector dominated the drill pipe market in 2021. Onshore wells are easier to dig and more widely available, which makes the extraction process easier. Many oil and gas reserves are extracted via onshore wells. They are more accessible and relatively simple to drill, making them easier to extract than offshore wells. Due to the recent volatility in oil prices, the expansion of the global market for drill pipes has slowed. The market is anticipated to expand during the projection period as the price of oil stabilises. Around 70% of the world’s oil production occurs on land. The market for drill pipes is anticipated to grow as onshore exploration activity increases in the future.

Major market players in the Global Drill Pipe Market: –

  • Hunting PLC
  • Hilong Group of Companies Ltd.
  • International Drilling Services Ltd. (IDS)
  • TMK Group
  • National Oilwell Varco, Inc. (NOV)
  • Tenaris S.A.
  • Drill pipe international LLC
  • Oil Country Tubular Limited
  • Workstrings International
  • Texas Steel Conversion, Inc.

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“The increased drilling of new oil and gas extraction locations is driving the growth of the drill pipe market. The amount of oil and gas exploration has increased as a result of recent advancements in drilling technology and techniques. Also, the creation of new extraction and exploration sites boosts the demand for drill pipes, fueling market expansion. Additionally, it is anticipated that the growing acceptance of horizontal directional drilling using drill pipes would increase the demand for the Global Drill Pipe Market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

Global Drill Pipe Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F, Segmented By Type (Standard drill pipe, Heavy weight drill pipe (HWDP)), By Grade (API, Premium), By Application (Offshore, Onshore), By Region has evaluated the future growth potential of Global Drill Pipe Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Drill Pipe Market.

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